Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.) Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR $4,415 $85 60 $4,330 $6,164.00 $1,834.00 15.5% Monthly Payment By table By formula
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.) Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR $4,415 $85 60 $4,330 $6,164.00 $1,834.00 15.5% Monthly Payment By table By formula
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.)
| Purchase price of a used car |
Down payment |
Number of monthly payments |
Amount financed |
Total of monthly payments |
Total finance charge |
APR |
| $4,415 | $85 | 60 | $4,330 | $6,164.00 | $1,834.00 | 15.5% |
| Monthly Payment | |
| By table | |
| By formula |
Transcribed Image Text:TABLE
14.2
Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan)
Terms in
months
7.50%
8%
8.50%
9%
10.00%
10.50%
11.00%
11.50%
12.00%
$170.34
$170.58
$170.83
$171.20
$171.56
$171.81
$172.05
$172.30
$172.55
12
86.76
86.99
87.22
87.46
87.92
88.15
88.38
88.62
88.85
18
58.92
59.15
59.37
59.60
60.06
60.29
60.52
60.75
60.98
24
45.00
45.23
45.46
45.69
46.14
46.38
46.61
46.84
47.07
30
36.66
36.89
37,12
37.35
37.81
38.04
38.28
38.51
38.75
36
31.11
31.34
31.57
31.80
32.27
32.50
32.74
32.98
33.21
42
27.15
27.38
27.62
27.85
28.32
28.55
28.79
29.03
29.28
48
24.18
24.42
24.65
24.77
25.36
25.60
25.85
26.09
26.33
54
21.88
22.12
22.36
22.59
23.07
23.32
23.56
23.81
24.06
60
20.04
20.28
20.52
20.76
21.25
21.49
21.74
21.99
22.24
TABLE 14.2
(concluded)
Terms in
months
12.50%
13.00%
13.50%
14.00%
14.50%
15.00%
15.50%
16.00%
6.
$172.80
$173.04
$173.29
$173.54
$173.79
$174.03
$174.28
$174.53
12
89.08
89.32
89.55
89.79
90.02
90.26
90.49
90.73
18
61.21
61.45
61.68
61.92
62.15
62.38
62.62
62.86
24
47.31
47.54
47.78
48.01
48.25
48.49
48.72
48.96
30
38.98
39.22
39.46
39.70
39.94
40.18
40.42
40.66
36
33.45
33.69
33.94
34.18
34.42
34.67
34.91
35.16
42
29.52
29.76
30.01
30.25
30.50
30.75
31.00
31.25
48
26.58
26.83
27.08
27.33
27.58
27.83
28.08
28.34
54
24.31
24.56
24.81
25.06
25.32
25.58
25.84
26.10
60
22.50
22.75
23.01
23.27
23.53
23.79
24.05
24.32
6.
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